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INDONESIA
Journal of Islamic Monetary Economics and Finance
Published by Bank Indonesia
ISSN : 24606146     EISSN : 24606618     DOI : -
Core Subject : Economy,
JIMF is an international peer-reviewed and scientific journal which is published quarterly by Bank Indonesia Institute. JIMF is a type of scientific journal (e-journal) in Islamic economics, monetary, and finance. By involving a large research communiy in an innovative public peer-review process, JIMF aims to provide fast access to high quality papers and continual platform for sharing studies of academicians, researchers, and practitioners; disseminate knowledge and research in various fields of Islamic economics, Monetary and Finance; encourage and foster research in the area of Islamic Economics, Monetary, and Finance; and bridge the gap between theory and practice in the area Islamic Economics, Monetary and Finance.
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Articles 10 Documents
Search results for , issue "Vol 5 No 2 (2019)" : 10 Documents clear
THE PROSPECTS FOR ISLAMIC SOCIAL BANKING IN INDONESIA M. Luthfi Hamidi; Andrew C. Worthington; Tracey West; Rifki Ismal
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (688.98 KB) | DOI: 10.21098/jimf.v5i2.1062

Abstract

Despite significant growth and development in recent years, Islamic banking (IB) continues to face widespread criticism due to its apparently weak social outcomes. This study investigates the social performance of Islamic banking in Indonesia, including its justification as an IB objective and the means of improvement. We surveyed 506 current and potential Islamic banking customers across six Indonesian provinces, combined with in-depth interviews with 10 Islamic banking experts consisting of regulators, practitioners, Sharia scholars, and academics. The findings strengthen previous results on the topic in that 42.89% of respondents consider that IB in Indonesia is socially defensive (doing the least that is required in terms of social outcomes), while 6.92% believe that it is reactive (doing less than that required). Of the remaining respondents, 34.78% consider the social performance as accommodative (doing all that is required) and 15.42% see it as proactive (doing more than is required). Most respondents (52.96%) suggest improvement by combining corporate social responsibility and the ZIS ( Zakat, Infaq, shadaqah)- Waqf system. Only some (7.11%) suggest the establishment of Islamic social banking, whose main feature would be to design an alternative to collateral so that low- and middle-income customers could more readily access bank financing. We recommend that regulators and practitioners take action to address these challenges through incentives and long-term strategic planning.
THE ROLE OF INTEGRATED ISLAMIC COMMERCIAL AND SOCIAL FINANCE IN REDUCING INCOME INEQUALITY IN INDONESIA Arif Widodo
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (481.117 KB) | DOI: 10.21098/jimf.v5i2.1063

Abstract

Recent years saw the heated debates among prominent economists on the growing inequality in advanced economies, and accordingly, many solutions to this serious problem have been put forward. Among the practical-cum-workable solution is progressive taxation for wealth and income, especially the top one percent. Such a solution, however, has been implemented in Islamic perspective what so-called, zakah which is now referred to as social finance. In this paper, using the Gini coefficient data covering 34 provinces in Indonesia over a decade, we examine whether the role of social finance in tandem with commercial finance can adequately solve the problem of wealth distribution in Indonesia, one of the largest Democratic-Muslim countries in the world. Using the Generalized Method of Moments (GMM) model, the results demonstrated that Islamic commercial finance solely is proven statistically incapable of tackling inequality while the social finance (zakah) is performing very well in this matter over all specifications. Most importantly, when both are incorporated in a model, the result showed a significant reduction in income inequality implying that the integrated Islamic finance which can be implemented in both Islamic microfinance institution and Islamic banking is more capable, as opposed to when both are separated, of helping address the income inequality problem in Indonesia.
MONETARY POLICY PASS-THROUGH, EXCESS LIQUIDITY AND PRICE SPILLOVER: A COMPARATIVE STUDY OF CONVENTIONAL AND ISLAMIC BANKS OF PAKISTAN Muhammad Omer
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (740.094 KB) | DOI: 10.21098/jimf.v5i2.1064

Abstract

This study investigates the comparative pass-through of policy rate to the retail prices, spillover of prices between Islamic and conventional banking systems, and the impact of excess liquidity on these pass-throughs using data from interbank market of Pakistan. The results suggest that the monetary policy shock affect retail prices of Islamic banks similar to conventional banks, confirming the results of earlier studies. Moreover, there is a strong spillover between the prices of two systems; Islamic banks are following (leading) the conventional banks in pricing the lending (deposit) products. Islamic bank has acquired advantage in the deposit pricing by taping the religious depositors, which also may have promoted financial inclusion thereby contributing to the economic growth and improved income distribution in the society. Our findings suggest that the presence of excess liquidity have no effect on pass- through of policy rate in the Islamic system, which is contrary to the prevalent notion. However, excess liquidity significantly affects the spillovers of prices between the systems. These results support the hypothesis that the Islamic banks are investing in interest-based government securities indirectly via conventional banks. Our findings may help in enhancing the regulatory efficiency of the central banks and the conduct of the monetary policy in the countries where dual banking system exists.
THE INTEGRATION OF ISLAMIC COMMERCIAL AND SOCIAL ECONOMY THROUGH PRODUCTIVE WAQF TO PROMOTE PESANTREN WELFARE Ratih Winarsih; Atika Rukminastiti Masrifah; Khoirul Umam
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (710.633 KB) | DOI: 10.21098/jimf.v5i2.1065

Abstract

A pesantren (Islamic boarding school) as an Islamic educational institution based on self-financing system has implemented waqf as a pillar of its development and become a potential waqf asset development. The productive waqf is considered as a key instrument for providing funds to actualizing its educational program. Since both productive waqf and pesantren emphasize sustainability, and since productive waqf can assist to support the process of education in pesantren, the study aims to investigate an integrated Islamic social and commercial economy model applicable in pesantren. This will ensure utilization of the combined resources of productive waqf and pesantren in promoting pesantren welfare. The study focuses on 263 operational chief, assatidz or teacher, musyrif, musyrifah or santri companion and santri or students in Pesantren in Java and Sumatra using. Structural Equation Modeling (SEM) adopted to examine the relationship among the five constructs i.e., productive waqf, business unit, project financing, human resource and pesantren welfare. While the reliability and validity are established, the structural relationship between the constructs reveals that the integrated model has a strong relationship with the pesantren welfare in many ways. In relation with business unit and profitable commercial activities, human resources have its significant role to assist pesantren tries its level best to realize developed productive waqf. Specifically, the result shows all five constructs have significant impact in promoting pesantren welfare, which suggests that the model as well as the instrument should be further implemented in pesantren.
IBN KHALDUN MODEL ON POVERTY: THE CASE OF ORGANIZATION OF ISLAMIC CONFERENCE (OIC) COUNTRIES Ahlis Fatoni; Sebastian Herman; Adam Abdullah
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (464.261 KB) | DOI: 10.21098/jimf.v5i2.1066

Abstract

If we consider the state of the world economy, especially in the OIC countries, some countries have to struggle in dealing with the problems of poverty. Hypothetically, the wealth of natural resources is potentially in the welfare of the population, but the facts on the ground say the situation is another in which it is far from being well- being. This study aims to analyze poverty in OIC countries by using a development model proposed by Ibn Khaldun. The model consists of six variables: human resource variable (proxy HDI), the variable role of government (proxy government spending in education and health), variable of development (proxy foreign direct investment), state assets variable (proxy for GDP/capita), justice variable (gini index proxy) and sharia variable (a proxy perception index of corruption). This study uses panel data regression analysis with nine object OIC member countries (Indonesia, Malaysia, Egypt, Azerbaijan, Kazakhstan, Tajikistan, Kyrgyzstan, Turkey and Benin) over the years from 2010 to 2016. The results showed that the variables of development model Ibn Khaldun significant effect on poverty in OIC countries is development variable, the variable role of government (proxy for government spending in health sector), justice variable, wealth nation variable and control variables (unemployment). While the role of government variable (proxy government spending in the education sector), HR variables and sharia variables not significant. From these studies, it can be concluded that not all the variables of development model Ibn Khaldun significant effect on poverty in OIC countries.
CUSTOMER-PERCEIVED VALUE IN CREATING CUSTOMER SATISFACTION AND REVISIT INTENTION IN SHARIA HOTELS Fitranty Adirestuty
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (627.364 KB) | DOI: 10.21098/jimf.v5i2.1067

Abstract

The purpose of this study was to identify the relationship between Islamic service quality, Muslim Customer Perceived Value (MCPV), customer satisfaction, and revisit intention on sharia hotels in Bandung. A systematic random sampling was used to draw sample of 255 customers. The hotel includes Orange Home Sharia, Sharia Narapati Hotel, Cottage Daarul Jannah, Daarul Mutmainah, and MQ Guest House. This research used Structural Equation Modeling to measure the variables of service quality (Gayatri, 2013) and Muslims Customer Perceived Value (MCPV) (Eid and Gohary, 2015) to measure the perceived value variables. Eleven hypotheses were developed and tested using a sample of 255 Muslim tourists. Exploratory and confirmatory factor analysis was used to test the validity of the measures, while the structural equation modeling in hypotheses testing. The strength of the relationship between the constructs indicates that features of the suggested MCPV model are crucial to achieving Muslim customer retention in the tourism industry. Findings also suggest that the availability of the suggested Islamic attributes value, along with conventional value dimensions, could satisfy Muslim tourists when they buy a tourism package
CLASSICAL AND CONTEMPORARY FIQH APPROACHES TO RE-ESTIMATING THE ZAKAT POTENTIAL IN INDONESIA Maya Asfarina; Ascarya Ascarya; Irfan Syauqi Beik
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (380.332 KB) | DOI: 10.21098/jimf.v5i2.1068

Abstract

This study aims to re-estimate the potential of zakat in Indonesia based on the classical and contemporary fiqh approaches, as well as including optimistic and realistic scenarios with different assumptions. Under the classical fiqh approach, the potential amount of zakat was calculated based on the zakatable assets that have been agreed upon by all scholars, including only zakat on savings. Meanwhile, using the contemporary fiqh approach, the zakat potential was calculated based on a new classification of zakatable assets agreed by contemporary scholars after considering the issue of economic development, including professional (household) zakat, corporate zakat and zakat on savings. The results show that, based on the classical fiqh approach, the potential zakat amount is IDR 69.57 trillion, or equivalent to 0.56% of GDP under the optimistic scenario, and it is IDR 13.26 trillion, or equivalent to 0.11% of GDP, under the realistic scenario. Meanwhile, based on the contemporary fiqh approach, the potential zakat amount is IDR 216.54 trillion, or equivalent to 1.75% of GDP, under the optimistic scenario, and it is IDR 74.87 trillion, or equivalent to 0.60% of GDP, under the realistic scenario. The estimated zakat potentials are still significantly higher than actual zakat collection recorded. However, the results of classical approach under the realistic scenario (0.11% of GDP) is the closest to the real 2018 zakat collection of 0.05% of GDP, which could be the indication that most Indonesian Muslims follow classical fiqh approach in calculating their zakat maal obligation.
FINANCIAL INCLUSIONS, FINANCIAL STABILITY, AND INCOME INEQUALITY IN OIC COUNTRIES: A GMM AND QUANTILE REGRESSION APPLICATION Fatima Muhammad Abdulkarim; Hamisu Sadi Ali
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (709.026 KB) | DOI: 10.21098/jimf.v5i2.1069

Abstract

This paper examines the relationship among financial inclusion, financial stability, and income inequality in some selected Organization of Islamic Corporations (OIC) countries. Data were analyzed using dynamic panel estimation and quantile regression for 47 OIC countries during 2006 - 2016. The results of dynamic GMM reveal that financial inclusion has a positive and significant effect on both financial stability and income inequality. This implies that increased financial access helped narrow the gap between the rich and poor as well as provided financial stability in OIC countries. Therefore, policy makers should strive to design policies that will make financial services more available and affordable to the masses. Thus, it is safe to conclude that availability of both Islamic and conventional finances in OIC countries contributes positively to the development of the countries.
HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (401.213 KB) | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
THE IMPACT OF HALAL AT THAYYIB AND CONSUMPTION ETHICS ON ECONOMIC GROWTH: AN ECONOMIC TAFSIR OF AL-BAQARAH 168 Taqiyah D. Insani; Abdul W. Al-Faizin; Muhammad N. H. Ryandono
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (489.701 KB) | DOI: 10.21098/jimf.v5i2.1071

Abstract

This study investigates the contribution of Islamic banks and Islamic windows to the growth of the Nigerian economy. Data were obtained using structured questionnaires. 379 copies of questionnaires were administered based on the sample size obtained via the use of Taro Yamane formula. 367 questionnaires were successfully retrieved. Variables such as deposit activities, loan activities, and perception of bank employees were also adopted as explanatory or independent variable and dependent variable respectively. To support the study hypothesis were also formulated. For the analysis, measures of central tendency (tables, frequency and percentages) and inferential statistics (Logit Regression) were used. The result revealed that the variables (i.e. deposit and loan activities) have a positive impact on the growth of Nigeria’s economy because the probability values of the variables (P=0.003 and 0.019) were less than alpha (α =0.05) level of significance. In other words, this implies that Islamic banks and windows have largely supported private consumption, business investments of its customers, aid government spending via sharia bonds (sukuk) to fund developmental projects of its customers. The study concludes that Islamic banks and windows have contributed towards the growth of the Nigeria’s economy. Furthermore, the study recommends that there is need for creating the necessary legal framework to ensure its smooth operations, intensify efforts on creating public awareness, rolling out more sharia compliant products that can take care of the peculiarities that exist in business environment and training and retraining of staff on effective Islamic banking.

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